Land and Buildings Investment Management, LLC has urged MGM Resorts International (NYSE: MGM) to make changes to its board and implement its recent proposal for a REIT structure.

As part of its April presentation (below), the firm highlighted how MGM had lagged its peers in Total Shareholder Returns (TSR) since James J. Murren was appointed CEO of the company, despite the board's cited claim of "delivering superior value."

In the presentation, the firm stated, "After additional analysis and in observing the Company's responses to our engagement, we have concluded that the Board requires meaningful change in order to ensure that the Company undertakes a credible review of all reasonable alternatives to create sustainable shareholder value, including, but not limited to, our proposed REIT structure."

On Friday, Land and Buildings Investment Management issued a statement regarding the support of Tracinda Corporation in "evaluating all avenues to deliver value at MGM, including a potential REIT conversion."

The firm also stated that based on its analysis, it believed the net asset value of MGM was in the range of $30-$33 a share and represented "significant upside to the current share price."

Land and Buildings concluded that "the lack of urgency MGM has demonstrated to date around exploring ways to enhance shareholder value" meant "that the addition of new voices and skill sets to the board of MGM is needed, and needed now."